Finance History | State Street — Union Bank at State and Exchange, Then the Custodian
· 1792-6
Unreviewed contributionBy kevin · · Report an issue
Find memories left by people near you.
Distribute Bounty
This will distribute the bounty equally among all qualifying memories. This action cannot be undone.
Cancel Bounty
Are you sure you want to cancel this bounty? The remaining amount will be refunded to your account.
Success!
Operation completed successfully.
Error
Something went wrong.
Finance History | State Street — Union Bank at State and Exchange, Then the Custodian
kevin
People treat State Street as a Congress Street tower that always held other people's funds.
The first charter was a maritime bank on the street that named the company.
On 25 June 1792 Massachusetts Governor John Hancock signed the charter of Union Bank.
It was the third bank chartered in Boston.
The office sat at the corner of State and Exchange Streets, on the stretch Boston called the Great Street to the Sea.
Moses Gill, then lieutenant governor, served as the first president.
In 1865 Union Bank took a national charter and became the National Union Bank of Boston.
A separate house, State Street Deposit and Trust Company, opened in July 1891.
It shortened the name to State Street Trust Company in 1897.
The two Boston lineages later folded into one listed parent that kept the street's name.
In 1924 the bank was appointed custodian of Massachusetts Investors Trust, the first open-end mutual fund in the United States.
Custody, not a trading book, became the mechanism that scaled.
State Street Global Advisors later launched SPDR S and P 500, ticker SPY, the first United States-listed exchange-traded fund.
The company does not run proprietary trading books.
Headquarters moved through Franklin Street and Lincoln Street and, in 2023, to One Congress Street.
The founding pin remains the waterfront end of State Street, where a three-bank town put another set of ledgers on the corner.
Photo: State Street, Boston, via Wikimedia Commons.
_thumbnail.jpg)
_thumbnail.jpg)
_thumbnail.jpg)
changes?
delete this memory?
We detected that you have a Blox in your crypto wallet! We will import the Blox into your account.
Click on done below to complete the import.
Welcome Back!
Sign in to preserve cherished moments
Don't have an account?
Welcome!!
Sign up and start preserving cherished moments
?
?
Choose your payment method
Buy with Metablox Credit
Do you want to mint Blox with Metablox Credit?
Which Crypto would you like to use?
Purchase Confirmed!
Your Blox is being minted on-chain and will appear in your profile shortly.
Log in or sign up to claim your Blox.
How many credits do you want to buy?
$100 USD = 1 Metablox Credit = 1 Blox.
Use Metablox Credit to mint any Blox you want on the map.
expand_more